Twenty One Capital Inc (XXI): fair value, margin of safety and Wheel Score

Is XXI undervalued?

At 5.83 (close of 5 Nov 2026), XXI has no GLS fair value: every one of the nine models needs a positive input (the company lost money over the last twelve months, EPS -2.65, it pays no dividend and its debts exceed what its assets would fetch), so the margin of safety is blank and the Wheel Score cannot be computed. Our scans leave the stock out at the first filter. What can be said from the nightly row is below.

The nightly engine files XXI under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.

Nine valuation models for XXI

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Twenty One Capital Inc scores only 2 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 1.9/10 is a weak reading: the accounts do not show returns and margins that competitors have been unable to wear down, so the Moat part of the Wheel Score contributes little.

Returns on capital are thin or negative - ROIC -5.5%, ROE -6.3%, ROA -5.5% - with debt at 0.14 times equity and negative free cash flow.

Twenty One Capital Inc pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain.

Institutional ownership scores 10/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 19: Weak

With a Wheel Score of 19 Twenty One Capital Inc sits in the Weak band. It fails filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 3, below fair value - trades right at our fair value; and filter 4, financially healthy - Piotroski 2/9 (under 6); and filter 6, no serious red flags - Red Flags score 55 (under 60); and filter 8, big enough - market cap $60M (under $1.0B); Value (weak) is its weakest part.

Implied volatility is 76% on the near-the-money contracts 20-60 days out - above the 60% top of the sweet spot. It still passes the 25-80% filter, but the Wheel Score rewards it less because volatility this high usually comes with a reason. Chain open interest is 5,003 contracts across all expiries - enough for the wheel at normal size.

Volume runs at 3.0M shares a day on a market cap of $60M, with a beta of -1.39 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.

Upcoming events

Twenty One Capital Inc reports earnings on 5 Nov 2026 - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

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The 12 companies below are the closest to Twenty One Capital Inc by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.

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